As they struggle to provide quality customer service and increase profitability, insurers are increasingly facing unexpected business disruptions. Adopting the right data-driven technology in an era of digital transformation is critical for property and casualty (P&C) insurers, carriers and payers alike to ensure a streamlined approach to claims processing, optimize operations, quickly detect fraud, assess risk and loss, and retain customers.
As fraudulent activities increase with time and technology, insurers must keep one-step ahead by deploying new anti-fraud tactics around predictive modelling, link analysis, exception reporting, and AI. Raw data arriving in PDF or text-based reports from clients and 3rd party systems can promote common schemes like double-payments, repeat claim submissions, premium and asset diversion, fee churning, and other types of fraud.
To combat fraud, Altair helps carriers:
From regulatory and policy changes to new liabilities, disruptive world events are altering risk assessment and loss analyses overnight, making it more important than ever to streamline underwriting and actuarial processes. Repeatable data transformation and machine learning and artificial intelligence (MLAI) represent a huge opportunity in determining general risk and that of new insurance applicants to ensure a sound investment.
As more businesses use robotic processing automation (RPA) to better operationalize and assess efficiency gaps, there are hurdles to fully realizing its benefits. Altair® Monarch® complements RPA initiatives by automating repeatable data transformation processes using models that ensure standardized report formats designed to meet end user requirements, drive out inefficiencies, and reduce costs and effort.
Digital transformation has forced carriers and agents to rapidly respond to customer expectations at every part of the insurance process. From shopping to on-demand service, customers now expect lightning-fast, personalized, and high-quality experiences. By leveraging repeatable data collation across all channels and user touchpoints, you can refine outreach initiatives and tailor policies to suit exact needs.